On or about January 15, 2020, Luckin sold 4.8 million shares of stock in a secondary stock offering at $42.00 a share, raising over $380 million in new capital.

On April 2, 2020, Luckin announced that the Chief Operating Officer Jian Liu and several employees reporting to him engaged in misconduct that cast doubts on the foundations of the Chinese coffee chain's meteoric rise and its emergence as a key competitor to Starbucks Corp.

Luckin further stated, "certain costs and expenses were also substantially inflated by fabricated transactions during this period," The Company indicated that investors shouldn't rely on previous financial statements for the nine months ended September 30, 2019.

Following this news, shares of Luckin plummeted over 70% in early morning trading on April 2, 2020.

If you purchased Luckin shares in the January 2020 secondary offering, and are interested in learning more about the investigation, please contact Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number.

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